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14 Worst Couponing Mistakes I Made As An Amateur Couponer

14 Worst Couponing Mistakes I Made As An Amateur Couponer
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When you first start couponing, it’s easy to get worked up about saving money with coupons. When I take a walk down memory lane, I realize how addicted I was in my earliest days of couponing, watching my balance plummet at the checkout register and thinking how I was saving up every day.

It’s incredibly satisfying and thrilling to witness your coupon printing and clipping efforts make a huge difference in your bank account by the end of the month. While it’s completely normal to be moved by the savings you are gleaning, are you ensuring that you are using your money and time efficiently?

Here are some of the mistakes I made in my early days of couponing that you should avoid if you want to become a couponing master.

1. Buying useless items just because they were a good deal

Every time I head out to purchase something I know I wouldn’t use, I ask myself the following questions: “Do I want to store this item?” and “Do I want to pay sales tax on this item?”

If I answer No to even one of these, the item goes back on the shelf. The only exception is when the item can prove to be lucrative. If the monetary benefit that I would gain by purchasing the product pays for the sales tax, I ask myself if I can donate or gift this item. If I find myself nodding in the affirmative, the product pays for itself and then I usually give it away.

2. Thinking I had to get my hands on every deal

I taught myself a phrase, rather a mantra, that I like to chant every time I fail to visit a store to grab a hot deal: “You win some, you lose some.”

When it comes to scoring great deals and coupons, you’ll win most of the time. However, accepting that you might lag behind at other times helps you keep a good balance in your life!

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3. Failing to sufficiently stock up on items that I use a lot

I am quite dependent on cough drops and Kleenex in the winters. If I didn’t hoard these treasures at every chance I got, I would end up running out of them and purchasing them at a time when their prices are touching ridiculous heights.

Try to make a list of things you use a lot, or might use at a later time, and buy them beforehand when the right deal comes along. Saving for a rainy day always pays off in the long run.

4. Buying unhealthy items because they are moneymakers or free

I gained quite a few pounds in those first few years of recklessly dedicated couponing since all the unhealthy, expensive items that I would normally steer clear of were either moneymakers, free, or cheap. In my enthralling moment of realization that I could afford all the sodas, chips, candies, and cookies that I wanted, I went overboard without realizing how my dietary habits were worsening.

These days, every time I see an item that doesn’t seem healthy, I ask myself, “Is this worth my health?” If the answer is Yes, it ends up in my cart. However, it doesn’t mean that all deals can wreak havoc on your health. I still stock up on candies a month or two before Halloween when the deals are hot and save myself a fortune. To prevent the inevitable, I stash away the candies in my garage!

5. Having a disheveled coupon folder

It would surprise you to know the number of coupons that I have lost or couldn’t find when I needed them the most! After months of staying higgledy-piggledy, I found my own way of staying organized, which has saved me quite a bit of time and money.

Find a system that works for you, be it sorting out the coupons according to their genres, the stores they are applicable at, how soon you would need them, or putting the coupons that are for the same product together in your folder.

6. Not taking all your coupons to the store

Imagine you walk in to a store and find numerable items on clearance shelves that you remember having a coupon for at home. Had you brought your coupon book with you, you would have gotten those items at amazing deals — i.e. as moneymakers or for free.

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As I learned over time, never part with your coupon book whenever you head out. You never know what life might throw your way!

7. Clipping the coupon before getting the item in my cart

Everybody’s couponing system is different. Experience has taught me that clipping the coupons before even setting foot inside the store depletes much of your precious time. This is because oftentimes the deal isn’t as enticing once you see the product in person, the item is at the wrong price, or even worse, the store has run out of it. Save your coupon until checkout time.

8. Buying items that are priced highly or not on my list

I always make for the clearance racks as soon as I enter a store. However, once you are there, randomly pulling items off the shelves that look flashy, useful, or tasty add to your out-of-pocket money.

Now, I’ve learned to stick to my list, and if I suddenly remember something that I needed but forgot to add to my list, I grab the best deal for it there. It saves money and gas to remember what you need at the store when you are there, rather than going home and making a special trip back for it.

9. Being oblivious to the coupon policies of the stores you are shopping at

If a coupon fails to scan, most store clerks will tell you that it’s bad. However, if you have read up on their coupon policy and have it on your phone, you can show it to them and make them call a manager or put your coupon through anyway. This will prevent your hard-earned coupons from being discarded without reason.

10. Using my coupons on larger-sized products

As a rule of thumb, coupons are usually good for products of a certain minimum size and up.

Most money is saved by using coupons on the smallest size of the product that is valid for that coupon. When I want to buy a myriad of items, I buy more newspapers, trade coupons, or print each coupon multiple times.

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11. Not sending in your rebates

If you stumble across an item at a great price with a rebate and somehow forget to send it in, you are letting bucks slip out of your palms. This reminds me of an old adage, “Out of sight, out of mind.”

Until you have submitted the rebate, keep the item close at hand as a constant reminder. Financial laziness is potentially fatal (to your wallet)!

12. Not obeying coupon wordage

In the last decade, especially since the propagation of the show Extreme Couponing, a myriad of policies and restrictions have been imposed on coupons. Throngs of people want to mimic what they see on the show and aspire to do whatever it takes to save big. Some people have even resorted to putting their integrity and honesty on the line for a good deal. However, people like us know it isn’t worth it.

If a coupon is expired, it makes for my trashcan. If a coupon is valid for one per person, I make a habit of taking along a friend or someone else. If a coupon entails that some other item be purchased with it or excludes a certain size of the product, I comply with it.

The couponing industry has lost millions due to erroneous use of coupons, expired coupons, or fraudulent coupons. That said, oftentimes even seasoned couponers fail to read the fine print before sending in a coupon for scanning. It helps to read and re-read the fine print each time to preserve your integrity — “The big print giveth, the small print taketh away.”

13. Purchasing a branded product even if the generic is cheaper

Here is a situation you must be familiar with:

There is a close-out deal when you get to the spaghetti sauce. The generic brand you see is 30 cents cheaper for the same size of Ragu that you wanted to buy using your coupon.

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You may feel the urge to find the pertinent coupon, clip it, and wait as the cashier scans it. However, it is often prudent to restrain your inner coupon-voice of reason. Count your lucky stars that you found something even cheaper and toss it in your cart. Sometimes, you find generic or great last-chance deals that cost even less than the on sale brand name with coupons.

When you are pulling products off the shelves, conduct a quick comparison and pay close attention to weight, quantity, and size. While it’s OK to be loyal to brands, make sure it doesn’t cost you in the long run.

14. Being an inefficient couponer

When you start out with couponing, you might find yourself spending more time and money than needed. It takes time and effort to hone in on your couponing skills. It also costs time, gas, newspapers, and papers to coupon.

A few months into couponing, try to analyze how much money and time you are investing in couponing. Some extreme couponers live highly unbalanced lives, fretting over the next deals and couponing to the extremes. While couponing is highly addictive, just remember that if you aspire to be an efficient couponer, this practical skill can be continued while living a balanced lifestyle as well.

Featured photo credit: Daily Amercian via bloximages.newyork1.vip.townnews.com

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Last Updated on July 20, 2021

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There
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Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

Break Free of Your Finances

Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

Though it seems hard to believe, it is really very simple to get financial freedom.

To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

1. Stop Unnecessary Spending

We often spend money inwardly, instead of objectively.

For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

To stop this habitual spending, log down all your spending over the course of a month.

Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

2. Plan a Monthly Budget

This is a great opportunity to get serious.

Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

3. Cut-up Credit Cards

Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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If not, you may want to consider ridding your life of the burden that credit cards bring.

Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

4. Increase Savings

There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

It’s good practice to save up to 15% of your income.

Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

5. Invest Wisely

Consider investing in funds.

Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

6. Invest in Gold

There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

Another way to invest in gold is through ETFs (Exchange Traded Funds).

These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

7. Stash Emergency Funds

Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

Make it hard to get your cash.

Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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8. Find Fabulous Mentors

Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

9. Be Extra Patient

Patience is the key of financial success.

Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

Financial Freedom for All

Anyone can achieve financial freedom, regardless of their financial circumstance.

Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

Featured photo credit: rawpixel via unsplash.com

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Reference

[1] Hartford Gold Group: IRA Retirement Accounts

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